Dutch Post-Default Allocation Sample Clauses
The Dutch Post-Default Allocation clause defines how assets or obligations are distributed among parties after a default event has occurred. Typically, this clause outlines a specific order or method for allocating remaining assets, such as using a pro-rata approach or prioritizing certain creditors or stakeholders. Its core practical function is to ensure a clear, predetermined process for handling distributions after default, thereby reducing disputes and uncertainty among parties involved.
Dutch Post-Default Allocation. Notwithstanding anything in any Loan Document to the contrary, during an Event of Default under Section 11.1(j), or during any other Event of Default at the discretion of Agent or Required Lenders, monies to be applied to the Dutch Obligations, whether arising from payments by Dutch Obligors, realization on Dutch Collateral, setoff or otherwise, shall be allocated as follows:
(a) FIRST, to all fees, indemnification, costs and expenses, including Extraordinary Expenses, owing to Agent by a Dutch Obligor;
(b) SECOND, to all other amounts owing to Agent, including Dutch Swingline Loans, Dutch Protective Advances, and Dutch Revolver Loans and participations that a Defaulting Lender has failed to settle or fund;
(c) THIRD, to all amounts owing to Issuing Bank by Dutch Obligors;
(d) FOURTH, to all Dutch Obligations (other than Dutch Secured Bank Product Obligations) constituting fees, indemnification, costs or expenses owing to Lenders;
(e) FIFTH, to all Dutch Obligations (other than Dutch Secured Bank Product Obligations) constituting interest;
(f) SIXTH, to Cash Collateralize all Dutch LC Obligations;
(g) SEVENTH, to all Dutch Revolver Loans, and to Dutch Secured Bank Product Obligations arising under Hedge Agreements (including Cash Collateralization thereof) which are provided by Bank of America (and any of its Lending Offices) or any of its Affiliates or any other Dutch Lender or Affiliate of a Dutch Lender, up to the amount of Reserves existing therefor;
(h) EIGHTH, to all other Dutch Secured Bank Product Obligations which are provided by Bank of America (or any of its Lending Offices) or any of its Affiliates or any other Dutch Lender or Affiliate of a Dutch Lender;
(i) NINTH, to all other Dutch Secured Bank Product Obligations which are provided by a counterparty other than Bank of America (and any of its Lending Offices) or any of its Affiliates or any other Dutch Lender or Affiliate of a Dutch Lender; and
(j) LAST, to all remaining Dutch Obligations. With respect to the application of payments under Section 5.6.2 and 5.6.3, amounts shall be applied to payment of each category of Obligations only after Full Payment of amounts payable from time to time under all preceding categories. If amounts are insufficient to satisfy a category, they shall be paid ratably among outstanding Obligations in the category. Monies and proceeds obtained from an Obligor shall not be applied to its Excluded Swap Obligations, but appropriate adjustments shall be made with res...
Dutch Post-Default Allocation. Notwithstanding anything in any Loan Document to the contrary, during an Event of Default under Section 11.1(j), or during any other Event of Default at the discretion of Agent or Required Lenders, monies to be applied to the Dutch Obligations, whether arising from payments by Dutch Obligors, realization on Dutch Collateral, setoff or otherwise, shall be allocated as follows: 65 117877022_2
(a) FIRST, to all fees, indemnification, costs and expenses, including Extraordinary Expenses, owing to Agent by a Dutch Obligor; (b) SECOND, to all other amounts owing to Agent, including Dutch Swingline Loans, Dutch Protective Advances, and Dutch Revolver Loans and participations that a Defaulting Lender has failed to settle or fund;